BTC price resistance, characterized by a downward-sloping channel, is undergoing significant pressure, with Bitcoin bulls optimistic that this may be the final challenge. As the week draws to a close, Bitcoin confronts a critical moment as bulls aim to overcome a seven-month downtrend.
BTC price approaches significant breakout
Data from Cointelegraph Markets Pro and TradingView indicates that BTC price movements are striving to overcome resistance that has persisted since the all-time high recorded in March.
Bitcoin
BTC
tickers down
$68,355
has been consolidating for over six months within a downward-sloping channel following its peak of $73,800.
Despite multiple efforts to reenter a price discovery phase, BTC/USD has remained confined to a range. Currently, traders are optimistic that the situation may have changed.
In his analysis of the weekly chart, trader and analyst Rekt Capital noted several attempts to reach the upper boundary of the channel, with the most recent occurring this week.
“Bitcoin has faced rejection at the top of the Downtrending Channel (red), similar to previous instances (blue circles),” he remarked.
A weekly close above the upper boundary of the channel, presently situated at approximately $68,000, appears to be within reach as buyers maintain their momentum, leaving bears with limited options for action.
Rekt Capital remarked, "It is still early in the week."
On shorter timeframes, there is increased optimism due to daily closes occurring outside the established channel.
“With the recent movement, it has successfully broken free from the channel in which it was confined for the majority of 2024,” stated fellow trader and analyst Daan Crypto Trades to his followers on X.
An accompanying chart illustrated that BTC/USD has surpassed its 200-day simple (SMA) and exponential moving average (EMA) cloud, a situation that has posed challenges since the summer.
“The trend on the short to mid timeframe is also positive,” Daan Crypto Trades further noted.
Institutional demand for Bitcoin is approaching record levels.
Earlier reports from Cointelegraph indicated that the overall demand for Bitcoin remains significantly affected by relatively minor price fluctuations.
Recent days have continued this trend, with rising BTC prices triggering a cascade of capital inflows from investors.
“Globally, Bitcoin investment vehicles have recorded net yearly inflows of 360,000 BTC and are on course to exceed the Grayscale-led record of 373,000 BTC set in 2020,” confirmed Vetle Lunde, senior analyst at the crypto analytics firm K33 Research, on October 18.
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